Hillary's Guide on How to Buy Short Sales

Smart Buyer’s Guide to Laguna Beach Short Sale Properties

Short sales are all the rage. Done right, they can bring scorching profits. Done wrong … Ouchville. If you prefer profits to a pummeling when hunting for Laguna Beach short sale properties, there’s only one course of action – shop smart. Know the ripe deals from the sour ones. But don’t worry. This doesn’t require an advanced degree. Success with Laguna Beach short sale properties really boils down to these four essentials:

Know What a Short Sale is – and Isn’t. Stripped to its bear essence, a short sale is a property that a lender sells for a discount to release an existing mortgage. I can see you licking your chops. DISCOUNT, eh? The lenders will be begging for any morsel thrown their way. Wrong. A bank can reject a buyer’s offer – even if the seller accepts. And file this away for future reference - lenders seldom accept offers below the current fair market value of the property.

Be Risk-Ready. Short sales typically have more risks than a mine field. Remember, these homes typically are sold ‘as is’. And guess who’s footing the bill for needed repair work. Hint: It’s not the seller or lender. That’s why the vast majority of agents recommend home inspections. These will reveal the true condition of your chosen Laguna Beach home before any cash exits your wallet.

Prepare for a Long Ride. You could walk from here to New York in the time consumed by the typical short sale process. Rest assured, it won’t be over in the blink of an eye. Which is why certain markets see fewer than one in ten short sales actually close. Your best shot at grabbing the grand prize? Partner with a savvy realtor who can navigate this often murky territory.

Understand All Your Obligations. Do you know each and every one of your obligations pertaining to a short sale? No? Then you’d be well-advised to consult with an attorney and/or licensed tax professional. They’ll give you the big picture …
which can point the way to big profits.

If you’d like to learn more about buying Laguna Beach short sale properties, or simply want to discover the wealth of opportunities here in the Laguna Beach Real Estate market, the Coastal Property Experts are ready to help. Feel free to connect with our team at:

949.922.8490 or hillary@thecoastalpropertyexperts.com.

Until next time, Sunny Days and Smooth Sailing!